NYL Investors, Sixth Street, Aegon price CLOs; Voya refinances; loans inflows eyed

By Cristal Cody

Tupelo, Miss., Oct. 16 – The broadly syndicated CLO primary market remains active with three more new deals priced, as well as a refinancing transaction.

NYL Investors LLC sold $404.48 million of notes in a new CLO offering.

Sixth Street CLO XVI Management LLC priced a $403.1 million broadly syndicated CLO.

Also, Aegon USA Investment Management LLC brought $357.05 million of notes in a new CLO deal.

In other pricing activity, Voya Alternative Asset Management LLC refinanced $22.5 million of fixed-rate notes from a vintage 2018 broadly syndicated CLO.

More than $60 billion of dollar-denominated broadly syndicated CLOs have priced, while about $30 billion of vintage CLO notes have been refinanced year to date, according to market sources.

Meanwhile, leveraged loan funds saw $181 million of inflows for the past week ended Wednesday, compared to $5.9 million of redemptions in the previous week, Fitch Ratings reported on Friday. Year-to-date outflows total $20 billion.

Flatiron CLO 20 prints

NYL Investors priced $404,475,000 of notes due Nov. 20, 2033 in the offering, according to market sources.

Flatiron CLO 20 Ltd./Flatiron CLO 20 LLC sold $252 million of class A floating-rate notes at Libor plus 130 basis points in the AAA-rated tranche.

Jefferies LLC arranged the offering.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.

Sixth Street prices

Sixth Street CLO XVI Management priced $403.1 million of notes due Oct. 20, 2032 in its new CLO, according to market sources.

Sixth Street CLO XVI, Ltd./Sixth Street CLO XVI LLC sold $235 million of class A-1a floating-rate notes at Libor plus 132 bps at the top of the capital stack.

J.P. Morgan Securities LLC arranged the offering.

The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.

Sixth Street is a global investment firm based in San Francisco.

Aegon taps market

Aegon USA Investment Management priced $357.05 million of notes due Oct. 25, 2032 in the Cedar Funding XII CLO Ltd./Cedar Funding XII CLO LLC transaction, according to market sources.

The CLO sold $217 million of the class A floating-rate notes at Libor plus 127 bps.

J.P. Morgan Securities was the placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans.

Aegon is a Cedar Rapids, Iowa-based firm and part of The Hague, Netherlands-based Aegon Group.

Voya refinances CLO

In refinancing activity, Voya Alternative Asset Management repriced $22.5 million of notes due Oct. 15, 2031, according to market sources.

Voya CLO 2018-3, Ltd./Voya CLO 2018-3 LLC sold $22.5 million of 1.69% class A-1B-R fixed-rate notes (AAA/AAA).

In the original $607.7 million offering issued October 2018, the CLO priced $22.5 million of 4.17% class A-1B fixed-rate notes.

Natixis Securities Americas LLC arranged the offering.

The CLO is backed mainly by broadly syndicated first-lien senior secured loans.

The manager is an affiliate of New York City-based Voya Investment Management LLC.

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